Daily Pivots: (S1) 0.8050; (P) 0.8071; (R1) 0.8109; More….
Intraday bias in USD/CHF remains neutral for the moment. On the upside, firm break of 0.8131 resistance will argue that consolidation from 0.8170 has already completed. Bias will be back on the upside. Further break of 0.8170 will resume the rise from 0.7871 towards 38.2% retracement of 0.9200 to 0.7871 at 0.8379. On the downside, break of 0.8020 support will bring retest of 0.7871 support.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.
